On August 26, Guotai Haitong Consumption Service Rui Selection Hybrid Fund (028813.OF) launched its subscription offering. The fund manager is Fan Yang. Its performance benchmark is the return of the CSI Consumption Services Leading Index * 65% + the return of the CSI Hong Kong Stock Connect Consumption Theme Index (RMB) * 15% + the return of the CSRC-Composite Full-Price (Total Value) Index * 20%. The subscription period is 1 day. The management fee rate is 1.20%, which is in line with the average of comparable funds.

According to Eastmoney Choice data, as of August 25, there are a total of 6 peer actively managed hybrid funds (their performance benchmark is mainly the Consumption Services index). The combined AUM is about RMB 2.052 billion. Among them, the earliest established is Huaan Anxin Consumption Hybrid (519002.OF), which was founded in May 2013.

From the perspective of fund managers, the six products above are under six different fund management companies, including Hony Capital Far East Fund, Great Wall Fund, and Yongying Fund, among others. In terms of performance distribution, among the four products with a track record of more than one year, the returns over the past year range from -33.41% to -0.21%, with a median of -21.87%. For the two products established less than one year ago, since inception returns range from 0.15% to 3.26%, with a median of 1.7%.

Data also shows that fund manager Fan Yang currently manages a total of four products, with a combined managed size of approximately RMB 1.38 billion.

For fund manager Fan Yang’s managed products, there is one product with less than one year since inception. Specifically, the Cathay De-Hai Tong Hong Kong Stock Advantage Select Equity (QDII) (026442.OF), co-managed with others, has a since-inception return of -5.09% and an excess return of -2.11 percentage points. The Cathay De-Hai Tong Consumer Opportunity Hybrid Fund (019433.OF), with an inception between one and three years ago, had a return of -30.58% over the past year, with an excess return of -12.27 percentage points.

Among the two products with a track record of more than three years, two are managed co-operatively under Cathay De-Hai Tong Junde Xin Two-Year Holding Hybrid (952009.OF) with others, with cumulative returns of 64.38% over the past three years and excess returns of 42.17 percentage points; Cathay De-Hai Tong Junde Cheng Hybrid (952035.OF) had cumulative returns of -6.56% over the past three years, with excess returns of -27.23 percentage points.

The newly issued product benchmark index, covering consumer services, was published by CSI Index Co., Ltd. on February 10, 2012. It mainly covers listed companies related to consumer services, with a total of 100 constituent stocks. As of August 25, the index has fallen by 8.35% year-to-date this year, with a PE (TTM) of about 10.07x and a three-year PE percentile of 26.17%.

Data also shows that under Cathay De-Hai Tong Asset Management, its active equity funds have a total size of about RMB 17.493 billion, accounting for roughly 15.2% of the company’s total AUM.